Crude Oil Flow Improvers Market by Type & Application Sep 2016 | Page 2
Crude Oil Flow Improvers Market: Global Forecasts to 2021“ Rise in crude oil production worldwide drives the COFI market”
The global market size of COFI is estimated to reach USD 1.73 billion by 2021from 1.32 billion in 2016, at a CAGR of 5.5 %. Excessive supply of oil worldwide, has pushed down oil prices. Countries such as the U. S. have made considerable investments in unconventional drilling technologies, such as hydraulic fracturing( fracking). Hence, the U. S. cannot afford to cut down production so as to reduce dependency on shale oil import and subsequently reducing the price of the end product.
“ Paraffin inhibitors: The fastest-growing segment in the COFI market”
Paraffin inhibitor is the fastest-growing segment of the global COFI market. This high growth is attributed to its use during crude oil production and transportation. It helps in eliminating the effects caused due to deposition of wax during crude oil production and transportation. As the production of heavy and waxy crude oil from Venezuela and Russia and shale crude in the U. S. continues to rise, the demand for paraffin inhibitors is expected to increase.